State-owned company Cupru Min Abrud, which owns about 60% of Romania’s copper reserves, plans to launch an open auction to sell 17,000 tons of copper concentrate. The offers submitted by bidders will be opened on September 4 and the contract will extend over six months. The company didn’t announce the starting price for the auction.

Taking into consideration an average 20% copper in the concentrate and the current market price of USD 7,000 for a ton of cooper on the London Metal Exchange, this contract could be worth USD 23.8 million.

The state wanted to privatize Cupru Min in 2012, but the process failed after the company that won the privatization auction didn’t submit the pledged money. Last year, Cupru Min tried to sell its production for seven years, but didn’t receive any offers.

Cupru Min had a turnover of EUR 34.6 million in 2013 from the sale of copper concentrate. The company made a net profit of EUR 1.8 million.

editor@romania-insider.com